|Bid||0.990 x 28974800|
|Ask||1.000 x 34799300|
|Day's range||0.987 - 1.005|
|52-week range||0.720 - 1.270|
|PE ratio (TTM)||-2.73|
|Earnings date||18 Feb. 2017 - 22 Feb. 2017|
|Dividend & yield||N/A (N/A)|
|1y target est||1.10|
Australian publishing giant Fairfax Media on Wednesday posted a return to profit following a cost-cutting drive, although advertising revenue for its major newspapers weakened further. Fairfax -- which owns The Sydney Morning Herald, The Age and The Australian Financial Review -- reported an annual net profit of Aus$83.9 million (US$65.7 million) in the year to June 30. The turnaround followed a Aus$772.6 million loss reported over a previous 12-month period.
American investment firm Hellman & Friedman has kicked off a bidding war for Australia's Fairfax Media by making a multi-billion-dollar offer to rival private equity company TPG Capital's proposal, the publishing giant said Thursday. Hellman & Friedman -- former owners of US multimedia company and German publisher Axel Springer -- made an offer to acquire Fairfax at Aus$1.225-Aus$1.250 (91-93 US cents) a share late Wednesday, the Australian firm said. The offer is higher than TPG's revised bid of Aus$1.20 made on Monday, and values the publisher at Aus$2.82-Aus$2.87 billion.
A consortium led by private equity giant TPG Capital upped its offer for troubled Fairfax Media Monday and now wants to buy out the entire firm. Last week TPG and the Ontario Teachers' Pension Plan Board offered 95 Australian cents per share for Fairfax's leading mastheads and its lucrative Domain Group focused on property advertising. This would have left shareholders with Fairfax's regional papers, 50 percent of its online streaming service Stan and its beleaguered New Zealand business, which was recently dealt a blow when the country's competition watchdog rejected a merger with NZME.